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5 YEAR 6 of Oct 2005
<br />Ullery Development, LLC
<br />South Bend Centre Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />$250.000.00
<br />Total Taxes Tax Abated ** Tax Paid * **
<br />Assessed Value:
<br />STRUCTURE (assume 85% of project cost): 212,500.00 200,000.00 200,000.00
<br />LAND (assume $10,000): 10.000.00 N/A N/A
<br />Gross Assessed Value: 222,500.00 200,000.00 200,000.00
<br />Less Mortgage Exemption: (3,000.00) (3,000.00) (3,000.00)
<br />Less Standard Homeowners Deduction: (35,000.00) (35,000.00) (35,000.00)
<br />Base Assessed Value: $184,500.00 $162,000.00 $162,000.00
<br />Base Assessed Value: $184,500.00 $162,000.00 $162,000.00
<br />Less Maximum Abatement Deduction: N/A N/A ($74,880.00)
<br />Less Non - Abated Amount: N/A (87,120.00) N/A
<br />Plus Land Assessed Value: N/A N/A 10,000.00
<br />Net Assessed Value: $184,500.00 $74,880.00 $97,120.00
<br />Property Taxes:
<br />Assume constant tax rate of: 4.5748% 4.5748% 4.5748%
<br />Gross Tax (tax rate x net assessed value): $8,440.51 $3,425.61 $4,443.05
<br />Less SRTC (21.6532 %): (1,827.64) (741.75) (962.06)
<br />Less Homestead Credit (24.4250 %): (1,615.19) (655.53) (850.23)
<br />Net Tax: $4,997.68 $2,028.33 $2,630.76
<br />Net Assessed Total
<br />Year Value Taxes Due Tax Abated Tax Paid
<br />1 $184,500.00 $4,997.68 $2,028.33 $2,630.76
<br />2 184,500.00 4,997.68 2,028.33 2,630.76
<br />3 184,500.00 4,997.68 2,028.33 2,630.76
<br />4 184,500.00 4,997.68 2,028.33 2,630.76
<br />5 184,500.00 4,997.68 2,028.33 2,630.76
<br />5 year totals: $24,988.40 $10,141.65 $13,153.80
<br />*This schedule is for estimation purposes only and assumes constant tax rates.
<br />The true tax values will ultimately be determined by the actual
<br />assessed valuation and the then current tax rates.
<br />* *Tax Abated is capped at $74,600 of assessed value of structures only
<br />and does not include land assessed value.
<br />** *Tax Paid is calculated using the difference between actual assessed value
<br />of structure and maximum abated portion of $74,600 and adding
<br />back the land assessed value.
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